To understand the current state of compliance in organisations and the challenges Compliance functions face we interviewed senior Compliance professionals. The key messages from Compliance Survey 2020 are that the capacity of Compliance functions is stretched, almost to breaking point. To address future challenges compliance professionals will need to focus on clearly defined compliance activities, invest to address skill gaps and rebalance teams with appropriately skilled staff.
Compliance functions remain under pressure amidst the continuing need for organisations to operate more efficiently, demonstrate the value they deliver and meet evolving societal expectations. Organisations must ensure that their Compliance Functions are ahead of these changes and are equipped to respond to the growing expectations of society and regulators.
Compliance functions should be able to adapt and enhance their capabilities to operate successfully in any regulated environment. For Compliance functions to be successful there needs to be a clear understanding of the role and responsibilities of the function and how it integrates with and adds value to the business.
Deloitte undertook a survey of senior Compliance professionals, to gain a perspective on the challenges. The survey included four key questions:
The aim of this Survey was to help understand where the industry’s Compliance functions currently sit in terms of capabilities and where there remain areas for improvement. Additionally, the survey helps gain an understanding of the current trends in compliance management.